Month: May 2016

Data released by the Council for Mortgage Lenders shows that average mortgage repayment terms have been increasing, as house prices go up and buyers are having to stretch their income further and further. The portion of first-time buyers taking out mortgages with repayment terms longer than 25 years has doubled… Read more“CML: Mortgage Terms Increasing”

Housing affordability worsened in all but one capital city in the 12 months to the end of March according to analysis from a global credit rating firm. According to the RMBS — Australia: Housing Affordability Has Deteriorated, but Worst May Be Over report from Moodys, national housing affordability worsened by… Read more“Housing affordability worsens: Moody’s”

A small crowd of people braved the rain Thursday morning as they gathered outside the Cash Money store in Dartmouth to protest payday loans. The protest on Wyse Road was part of a larger event held across the country, in which the Canadian Union of Postal Workers and the Association… Read more“Demonstrators gather in Dartmouth to protest payday loans”

Two of Australias biggest banks are investigating alleged fraud by several home loan borrowers who rely on foreign funds. According to the Australian Financial Review, both banks discovered that they have approved hundreds of home loans backed by fraudulent Chinese income documents and allegedly manufactured with the help of mortgage… Read more“Suspected home loan frauds plague Westpac, ANZ”

Concerned about predatory lenders, Broward County officials said theyll consider offering employees emergency loans with lower interest rates. Commissioners agreed to seek bids from loan providers who might want to team up with Broward County, offering emergency loans of up to $5,000 to employees, including those with poor credit ratings.

Borrowers in Texas and California searching for quick cash have a new option: a database of low-cost alternatives to high-interest payday loans. The database, built by NerdWallet and searchable by ZIP code, lists more than three dozen community organizations that provide financial assistance to borrowers in the form of small-dollar loans or… Read more“How you can beat the payday lending trap with low-cost alternatives”

Who are these organizations – and why should you trust them? NerdWallet has vetted the organizations listed in this database to ensure that they provide consumer-first services, either through low-interest loans or financial assistance. These local community centers and nonprofits serve people who need help with rent, transportation, paying utilities… Read more“The payday loan trap: don’t get caught”

Housing affordability worsened over the past 12 months as homeowners now spend a larger proportion of their income on monthly mortgage repayments, Moodys Investor Service says. Australians spend an average of 27.6 per cent of their monthly income on mortgage repayments, up from 27 per cent in the 12 months… Read more“Affordability worsens, but positive developments lie ahead”

A small experiment intended to draw borrowers to the site drew hundreds of clicks from Google each day from people looking for cheap payday loans. Lenders approached NerdWallet with an offer to pay it $60 in commission on a $200 loan, knowing that many borrowers end up repeatedly rolling their… Read more“NerdWallet tries to steer borrowers clear of payday loans”